Our Current Financial Status
We are committed to making a difference by being a high performance credit union dedicated to our members, employees, and community.
- Professionalism: Our professionalism is not defined by the position we hold nor our appearance. Rather, it is defined by our internalized character, strengths, and values that direct us toward being a high performance credit union.
- Integrity: We act with courage, consistency, and respect to do what is honest, fair, and trustworthy resulting in WOW service for our members.
- Confidentiality: We insure information in only accessible to those who have the authority to access. We are personally committed to safeguarding our members' information.
- Knowledge: The awareness or understanding of circumstances or facts we gain through education, association, and/or experience. We are committed to questioning the processes, seeking out answers and asking our members how we can assist them to make the CP Experience personal.
To be the primary choice for our members' financial needs by providing the best service our members have ever experienced.
What's a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution that exists to benefit them, not to make a profit.
Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
CP Federal Credit Union History
On April 28, 1953, an organization committee comprised of Benjamin Charters, Walter Boris, Earl Devine, Henry Abrahamse, F.C. Voss, C.E. Hayes, and William Audas met to form a financial cooperative, better known as the Jackson Consumer's Power Employees Federal Credit Union.
The credit union was organized to provide its members with a safe, convenient place to save and a source of credit, when needed, at or better than competitor's rates.
Throughout its history, CP Federal Credit Union has had many loyal and dedicated volunteers and staff to serve our membership making us one of the strongest and financially healthy credit unions in the nation.
In 1991 we underwent a name change to CP Federal Credit Union. This change was more reflective of our total membership and helped provide the ability to acquire more community partners.